Nootropics Global Market Report 2024

Nootropics, also known as smart drugs or cognitive enhancers, refer to substances that aim to enhance memory and cognitive function with a stimulant effect. These substances are utilized to boost brain performance and include caffeine, creatine, vitamins, and minerals. Nootropics are often used to increase memory, improve strength, or enhance other cognitive functions. It's important to note that while they may affect memory, thinking, or other mental functions, they do not treat diseases.

The main types of drugs categorized as nootropics include prescription nootropics and over-the-counter (OTC) nootropics. Prescription nootropics are often utilized to provide stimulant effects and may be prescribed to counteract symptoms associated with medical conditions such as attention deficit hyperactivity disorder (ADHD), Alzheimer's disease, or narcolepsy. Nootropics are available in various forms, including capsules or tablets, powder, drinks, and others, and are distributed through multiple channels, both online and offline. They find application in memory enhancement, mood and depression treatment, attention and focus improvement, longevity and anti-aging efforts, sleep and recovery promotion, and anxiety treatment.

The nootropics market research report is one of a series of new reports that provides nootropics market statistics, including nootropics industry global market size, regional shares, competitors with a nootropics market share, detailed nootropics market segments, market trends and opportunities, and any further data you may need to thrive in the nootropics industry. This nootropics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nootropics market size has grown rapidly in recent years. It will grow from $4.6 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth observed in the historical period can be attributed to several factors, including an aging population, regulatory support for the industry, increased investment in research and development, the expansion of e-commerce, and the rise of esports.

The nootropics market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
The anticipated growth in the forecast period can be attributed to various factors, including the increasing stress and cognitive demands in modern lifestyles, globalization, rising disposable incomes allowing for discretionary spending on cognitive enhancement, a growing awareness of mental health, and the expansion of emerging markets. Major trends expected in this forecast period encompass the rise of natural and plant-based nootropics, the emergence of digital nootropics, the use of transcranial stimulation devices, a focus on sustainable and ethical sourcing of nootropic ingredients, and increased collaboration within the industry.

The anticipated growth in the nootropics market is driven by the increasing expenditure on health and wellness. Health and wellness, defined as an individual's method to achieve mental and physical well-being, play a crucial role in the growing demand for nootropics. As the expenditure on healthcare and wellness rises, so does the need for substances like nootropics that contribute to maintaining an individual's health. For example, in September 2021, the Centers for Medicare & Medicaid Services reported a 7.8% increase in prescription drug spending to $378.0 billion, reflecting a faster growth rate compared to the previous year. The escalating expenditure on healthcare and wellness is a key factor propelling the nootropics market.

The nootropics market is poised for growth due to the increasing prevalence of lifestyle diseases. Lifestyle diseases, driven by unhealthy lifestyle choices, lead to cognitive impairment, stress, and reduced energy levels. Nootropics are increasingly used to address these issues, enhancing cognitive function, managing stress, boosting energy, and supporting weight management. The World Health Organization reported 41 million deaths globally in September 2022, with 74% attributed to non-communicable diseases (NCDs). The rising prevalence of lifestyle diseases, such as obesity and diabetes, contributes to the growth of the nootropics market.

The global nootropics market is witnessing the popularity of vegan nootropics, with major companies introducing organic product innovations to meet consumer demands. For instance, BioAdaptives Inc. launched MindMemory, an advanced nootropic designed to enhance memory, mental focus, and concentration, appealing to consumers seeking natural plant and algae-based supplements. This trend reflects the industry's response to the growing demand for vegan-friendly nootropic options.

Major players in the nootropics market are innovating with multi-flavored nootropics to cater to diverse tastes and preferences. These cognitive-enhancing supplements are available in various flavors, providing consumers with options that suit their individual tastes. Rollagranola, a UK-based food and beverage company, introduced a Nootropics range with flavors like Calm, Energize, Body and Soul, and Complete Vegan. Each flavor is tailored to specific wellness needs, combining various ingredients to enhance focus, relaxation, physical well-being, and more.

In April 2021, Unilever Global acquired Onnit, a US-based company specializing in nootropics and functional nutrition. This strategic acquisition aligns Onnit with Unilever's expanding portfolio of advanced wellness and supplement brands, positioning the company in the evolving market for health and well-being products.

Major companies operating in the nootropics market include Accelerated Intelligence Inc., AlternaScript Inc. Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost Wolfson Holdco Limited Performance Lab Group Ltd., TruBrain, PepsiCo, Superior Supplement Manufacturing, Equinox Nutraceuticals, Natural Stacks Inc., Gaia Herbs Farms., Kimera Koffee LLC., Onnit Labs LLC ., Reckitt Benckiser Group plc., OUTLIERS INC., Teva Pharmaceutical Industries Ltd., United Pharmacies o, Clarity Nootropics, OptiMind, Pfizer Inc., GlaxoSmithKline PLC, Novartis AG, Mylan N.V., UCB S.A., HVMN Inc., BioAdaptives Inc., Powder City

North America was the largest region in the nootropics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nootropics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the nootropics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The nootropics market includes revenues earned by entities by modafinil (provigil), adderall, methylphenidate (ritalin), memantine (axura), caffeine, l-theanine, and omega-3 fatty acids. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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